To celebrate the 20th anniversary of diplomatic relations between Korea and Russia, KOTRA published a report named 'Korea and Russia, Be prepared for the next 20 years" and selected eight promising star industry sectors.
The eight frontier industries are construction plants, airlines, energy resources, agricultural industry, pharmaceuticals and medical devices, cultural content and IT. These are the industries either the Russian Government currently focuses on fostering or those that are still undeveloped but have high potential for growth. The eight industries are also the sectors that Korea is strong at compared to other competitors.
Meanwhile, the volume of trade between Korea and Russia has been recorded as nearly US$ 10 billion in 2009 which is more than 50 times growth compared to 1992. Also, according to KOTRA, Russia has potential to become a major market for Korea on account of the factors that Russia has such as geographic closeness to Korea, complementary industrial structures, good images towards Korea and enormous purchasing power of oil money.
An official from KOTRA stated that the "Russian market got over the recent economic crisis and we expect that the Russian market will open up for Korean firms. Therefore, Korean companies should make efforts to develop the new star industries."
Source: KOTRA
